Exercise 9-4 (Algo) Prepare a Flexible Budget Performance Report (L09-4) Vulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Washington State that explosively erupted in 1982. Data concerning the company's operations in July appear below: Vulcan Flyovers Operating Data Yor the Month Ended July 31 Actual Flexible Planning Sesulta Budget Budget 55 55 53 Flights (9) $ 16,500 $ 19,525 $1,815 Revenue (5355.000) Expenses 1 Wages and salaries ($3,500 + 588.009 Fuel 530.0091 Airport fees (5820 . $32.009) Aircraft depreciation ($11.000) Office expenses ($210 + $1.009) Total expense Net operating income 8,304 8,340 8,164 1.820 1, 650 1,590 2.465 2,580 2,516 605 605 583 433 265 263 13,627 13, 440 13, 116 52,873 $ 6,085 $ 5,699 The company measures its activity in terms of flights Customers can buy individual tickets for overflights or hire an entire plane for an overflight at a discount Required: 1. Prepare a flexible budget performance report for July that includes revenue and spending variances and activity variances. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (t.e., zero variance). Input all amounts as positive values.) Wulan Flum Required: 1. Prepare a flexible budget performance report for July that includes revenue and spending variances and activity variances. the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance all amounts as positive values.) Vulcan Flyovers Flexible Budget Porformance Report For the Month Ended July 31 Flexible Budget Actual Results Planning Budget 53 55 Flights 55 $ Revenue 16,500 $ $ 19,525 18,815 8,304 8,340 1,820 Expenses Wages and salaries Fuel Airport foes Aircraft depreciation Office expenses Total expense Not operating income 8,164 1,590 2.516 583 1.650 2,580 605 2,465 605 433 265 263 13,627 2,873 13.440 6.085 13, 110 5,690 $ 5 $